Bitcoin Forum

I have been lending over there since Nov 2015 and i cant believe the amount of default that goes on.  seriously thank goodness i only tried it out with 0.2BTC but as things stand i am down -12% for the year so far.  Stay well clear in my opinion.  Its sad to say but most human beings will steal when they think they can get away with it.  :'(

Just stay away from any Bitcoin lending sites. Most of the stories if not all are bogus and I sometimes wonder if the verified details are even legit or they are fake ID's as well. Honestly I have read some preposterous sob stories over there that smell like scam half a globe away. What else can you expect when a lot of online fraudsters are attracted to Bitcoin because of its anonymity and irreversibility. My advice is not to bother with any loans the headaches are not worth the profit if any because it's very hard to find legitimate borrowers who won't default.

I think your right, bitcoin at present dosnt lend itself to lending,  people can just run off with it even on sites like BTC Jam which is meant to be a legit well trusted site.  They offer arbitration but seriously it is unenforceable.

Yeah... I'm at +14% on B-rated people and -39% on A-rated. Apparently higher rated people are defaulting more than lower? Really? There's some serious quality control problems going on here.

I'm also down, can't even sell notes or neg-rate any defaulter unless i verify my account... To bad  :-[

I do feel you. I tried it a year ago with some loans. And they are a lot of ill-minted people there. Some are honest and they will pay you back, but there are plenty of naive person who will lend money but won't pay it back 100%.

I've read similar posts before about BTCJam being a complete sucker for lenders. I mean, it's really easy to forge fake information and you can probably buy them for cheap prices in the deep web and use it to verify.
There is only a few amount of people who are successful in the lending business and as I can see, you're not one of the few people.

well I try the most to avoid such sites cause things may go wrong
the only lending service I use is Poloniex lending , well it's not a lending technically but it works perfect
At least you know that your money will never leave the site and you know why you are giving money , and you are guaranteed that you will receive your money back

Well i never had it myself as i succesfully got my investment with ROI back twice .I had heard from many guys that most of loans gets default in BTCJAM so i think needa move on to other lending platform from now onwards.


Hmm. Thanks for the suggestion.May i know a more about it .How come the money lended will never leave the site? Didn't got this part.

Haven't really tried BTC Jam coz I went to the BitLendingClub (LoanBase) route. But yeah, same experience, a lot of A listers in the site's grading are the ones who defaulted in the loans I invested. I suppose it's an industry problem, the btc lending space still isn't so mature.

You think they are a joke now,wait till they go under and sell all the information on their clients to a third party.
Thats going to be a big smelly mess when people realize all that information they gave btcjam is gold to some dataminers and hackers.

What I found hilarious was watching which loans got filled and which did not,it was obvious some where building rep to make a bigger rip off.

I'm shocked, SHOCKED, to read that such a place is a scammy fuckhole. Never saw that coming.

This is why I cannot understand why people say BTC anonymity s a good think. Big time BS. It only allows scammers to stay hidden.

Bitcoin is not so anonymous. If a transaction is linked to you, you are exposed, all your other transaction can be linked.

If you are not crossing your "T",then yes this is the case for people. This is why we need to educate more people how to use bitcoin effectively,so they are not leaving such obvious trails to their bitcoins.

there is always scammers all over the internet and bitcoin makes it a little bit easier for them to get away with things like this. that is why i always say unless you can take something as collateral ( a guarantee that forces them to pay back) you should never trust anybody.

So the plan to earn interest by lending anonymous irreversible internet currency without collateral to strangers online who use fake documents and fake social media accounts to get graded with fake reviews on previous loans which are most probably from their shill accounts didn't work well? who would have thought.. ::)

The thing is, BTCJam puts in a lot of work trying to make it's users seem legitimate.
A lot of the users there are relevant, and the documentation is presumably, often real.

I had invested there back in 2013, and the fact that they are still running is testament to the fact that it is legitimate enough, and has enough people who do not default, for people to continue investing there.

Lot of bad sites are still around and active that scam their users its not a testament to being legit,its more showing how many people still join to feed the scammers. If you can get past the scammer part,then I want you to think about the day they close shop with all your details. This site does not just have the run of the mill information on the users,it asks people to compromise their bank accounts for one by letting them look at it. Then they ask for all your social media,sin,paystubs,email and list goes on all so you can gain a higher rank! The highest ranked people will be the lambs that get slaughtered first as they are most likely the easiest and potentially juicer targets for a 3rd party to hit.

Its really a laugh thinking that people are willing to castrate themselves financially and even identity wise to make a few bucks on a site that does nothing to protect the user at the end of the day.

Huh!?

I have never provided any personal information to the site, except my email address.
You need to provide more bank information/social media/paystubs and things only if you are trying to improve the likelihood of getting a loan.

If you're only lending out to people, you don't need to give them any personal information to do so. Taking information from people who borrow makes sense in order to reduce the likelihood of them defaulting and increasing the likelihood of recompense.

When I looked into this site they wanted details up the ying yang, might have changed since or maybe you where grandfathered.
The lender aspect is news to me but it does not change the fact they demand so much information.
Just because the lenders are not jumping through hoops does not mean everthing is great.

Well, the details screen always allows you to provide details, and they always seem to be asking, but you don't have to give them.
Even if you are borrowing, you can give really few details, but you will get a "D" or "E" rating, making it much less likely to get a loan.